SATA Holding announces that the terms and conditions document (Caderno de Encargos) relating to the process for the sale of at least 75% of the share capital of SATA Internacional - Azores Airlines has been published in the Official Gazette.
This transaction represents an investment opportunity in an airline of strategic relevance in the North Atlantic, playing a central role in the connectivity of the Autonomous Region of the Azores.
The published terms and conditions establish the framework for the transaction, ensuring a transparent, competitive process open to entities that demonstrate integrity and financial capacity to develop the business project.
The currently structured process incorporates a substantial clarification of the asset’s conditions with regard to debt, the responsibility for which will be assumed by the public shareholder, ensuring that the perimeter subject to the transaction is financially stabilised and aligned with best market practices. It also addresses human resources, clearly defining their separation from the scope of the transaction, thereby ensuring predictability and mitigating operational and social risks associated with the process.
Additionally, specific obligations are provided for the buyer, including the maintenance of essential conditions for operational and labour stability.
The procedure adopted takes the form of a private negotiation process, allowing for a phased and more efficient approach in engaging with investors, while safeguarding the principles of transparency, equality and competition. Following an initial verification of the integrity and financial capacity of the interested parties, non-binding proposals will be submitted, followed by a subsequent phase of binding proposals based on in-depth due diligence.
With this new process, SATA Holding aims to ensure a transaction that enhances the value of the asset, attracts qualified investment and contributes to the airline’s future sustainability, while strengthening the strategic role of Azores Airlines in the development and territorial cohesion of the Autonomous Region of the Azores.
NOTE |
The sale procedure shall be conducted through private negotiation, in an open, transparent, competitive and non-discriminatory manner. The Procedure Rules for the private negotiation procedure set out the process and conditions to be observed in the sale and can be downloaded here (only available in portuguese).
Domestic and foreign investors, acting individually or as part of a consortium, may participate in this procedure, provided that they demonstrate compliance with the participation requirements, namely those relating to good standing and financial capacity, as set out in the Procedure Rules. To that end, they shall, inter alia, download and complete the Suitability and Compliance Form (Attachment I of the sale procedure), and send it to privatizacao2026@sata.pt.